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Top 10 Fintech Innovations

Top 10 Fintech Innovations

10 min read

By 2026, the worldwide FinTech market will grow to $31.5 billion. This is roughly 4 times what it was six years ago.

Many fintech companies and seasoned professionals will remain innovative in these and other areas in 2022, so financial services businesses should keep a close watch on IT innovations in fintech.

As you know, DashDevs is always looking forward to keeping you at the cutting edge of business and payment options. In this article we focus exclusively on what our experts believe to be the trendiest fintech innovation ideas and most important concepts that you should be aware of as we enter a new era of processing transactions.

The growth of the financial innovation vs fintech business is dependent on the technology that underpins financial goods and services. These are the 10 most important digital innovations in fintech industry that will influence the fintech sector this year. So, let’s get started and dive into the world of the latest fintech innovations in banking!

1. Blockchain & IoT

An overview begins with the Internet of Things (IoT) and blockchain autonomous database systems that have totally transformed the world of financial solutions.

IoT wealth management platforms might significantly expand the possibilities of banking and financial apps. A linked security camera positioned within a bank, for example, may identify any irregularities in client behavior or potential safety vulnerabilities and report the information to regulators instantly.

Henceforth, Blockchain is regarded as the most secure technology for database management among all areas since it works on a guidelines that records every particular change, datatransfer, and efforts in tweaking data as separate data entries, creating maximized transparency for all partners’ actions while also making it entirely impossible to remove and tamper with any data.


  1. In terms of the future of banking applications, the increased connectivity between mobile apps and other gadgets will play a significant role in driving smarter transactions. For example, instead of waiting in line for basic guidance, consumers may do many tasks directly through the mobile banking app, including meeting KYC (Know Your Customer) regulations.
  2. Since Blockchain provides such strong security for fintech apps, the world’s biggest financial institutions and banks, like Visa or DBS, are now utilizing fintech innovation in wealth management. Aside from unprecedented security benefits, Blockchain also provides maximum data openness, quicker data transfer, and lower transaction costs.

2. Payment Solutions

Robust biometric identification is a truly effective technique for deterring hackers and cyber-criminality among leading cybersecurity technologies. Consider how to pay for an item on the Internet with a smartcard and a phone, and why integrating smartcard chip technology with multi-factor biometric verification is extremely efficient if talking about payment innovations.

A cardholder can install two identifiers on the phone terminal and use them to safeguard his payment throughout a digital transaction. The biometric multi-factor carousel works on any iOS/Android/Windows phone, laptop, and desktop with Facial Recognition, Voice Control, Lock Pattern Behavioral, Fingerprint Behavioral, and Button Stroke Dynamics Behavioral.

When buying on the internet, the user can utilize his authorized smartcard to pay just by speaking, or by placing a picture or fingerprint through the sensors installed on the phone.

The payment session is significantly safer for the fintech future, and hackers are prevented from carrying out transactions using stolen credentials. The high degree of security (biometrics) ensures confidence and transparency in all transactions, including innovation in payments with mobile phones.

Moreover, within the bank or card issuer, the backend tracking server supports thousands of transactions per second, allowing the CSO to supervise system quality and productivity in aspects of EER, FAR, and biometrics thresholds in order to obtain sufficient results.


Voice-enabled fintech payment innovations are an alternative for fintech businesses wanting to create POC initiatives on a small budget. There is a possibility that the technology will be utilized for payments at retail shops that do not have contactless payment devices. It also enables people with visual disabilities to join in the cashless economy.

3. Artificial Intelligence

The future is fintech and companies will extend their use of intelligent technology, from typical institutions’ testing of robotic advisers to sophisticated algorithms examining credit profiles. The rise of artificial intelligence, machine learning, and robotic process automation offers numerous advantages to those working in the finance industry, including lower loan default risk, better risk management, process efficiency from data gathering and analysis, and improved customer experiences.

Among major advancements of artificial intelligence in the sector of financial innovations are robo-advisors; they are currently one of the most prominent trends in fintech. These internet systems may handle assets autonomously and provide a personalized portfolio based on individual preferences. To establish the best investing plan, they employ cognitive computing technologies as well as big data trends.


Bank innovation is about utilizing chatbots to handle basic client service questions, while IBM Watson is used for financial analysis. Because these bots are increasingly utilizing AI, they may learn from customer interactions and tailor future consumer interactions accordingly. Machine learning, in which bots combine past data (such as previous purchases) and real-time inputs (such as media coverage) to analyze and anticipate future client behavior, might help FinTech businesses achieve this.

4. Cloud Computing

Financial organizations should be aware of three types of cloud systems: public, hybrid, and private. The infrastructure is held by cloud computing service providers, supplying cloud services to a diverse variety of enterprises or the general public. A hybrid cloud architecture is made up of two or even more varieties of clouds (private and public) that operate independently but are linked by proprietary technologies. The infrastructure is developed for a specific customer’s personal usage and is deployable in business data centers or through other hosting services.

Cloud computing, which is among recent fintech innovations in banking, absolves banking firms from non-core operations like IT infrastructure and data centers, while also allowing them to use flexible storage and computing services at a cheaper cost. Simultaneously, the cloud is giving rise to new formats such as open banking and banking-as-a-service, which are upending the eternal relationship between clients and providers of financial services.


Billte is a Swiss firm that provides invoice management software to help businesses automate their billing procedures. Unstructured invoices are converted into e-bills and QR-coded ones. The technology then distributes bills via several channels, including email and SMS, as well as automatic notifications and real-time data. Furthermore, it records partial payments in many currencies, increasing performance and liquidity for small and medium-sized businesses.

5. Open Source & SaaS

Speed and flexibility are crucial for new enterprises and fintech technological innovation, especially in the digital economy’s high rivalry and winner-take-all tendencies. For tech players and conventional financial institutions developing new fintech enterprises, open-source software, cloud-based technology, and software-as-a-service (SaaS) have become indispensable.

SaaS allows businesses to utilize software as required without owning or maintaining it, whereas serverless architecture eliminates the need for businesses to operate their own servers, freeing up time and energy for clients and management. Serverless technology fintech innovations also saves money since costs are tied to running software code rather than being created continuously, independent of business requirements. It also promotes flexible scaling, which reduces idle time and losses while increasing fintech software development efficiency.


Open-source software is a blessing for businesses trying to grow quickly since it offers a free code base that enables developers to get a strong foothold in developing their own apps. For instance, in 2019, McKinsey’s analytics business launched Kedro, an open-source platform enabling data scientists and engineers to design data pipelines.

6. Hyper Automation

RPA, robotic process automation, allows businesses to easily implement software robots like chatbots at scale, and is becoming a key element of the digital revolution, but technology is continually pushing its limits. The primary role of RPA is to delegate the management of workflow data and company interactions to robots, simplifying and optimizing business operations. The primary criteria for validating RPA tech viability are high consistency, clear rationale, and robust stability. RPA will become more completely integrated with AI in the future, increasing its efficacy in dealing with increasingly complicated business contexts, expediting offerings, and compliance with fintech regulation.

Simply described, hyper automation is the integration of automation, robotics, and AI technology to enhance the productivity of industrial operations.

Hyper automation necessitates the employment of several tools, techniques, and frameworks, including:

  • AI: Artificial intelligence
  • Machine Learning
  • RPA: Robotic process automation
  • BPM & iBPMS: Business process management & intelligent business process management suites
  • iPaaS: Integration platform as a service
  • Low-code platforms
  • Event-driven architecture
  • In addition, various more tools and technologies


Digital human support service. These are 3D chatbot models in the virtual world made using AI technology that can communicate with and reply to users’ activities in the digital world. The banking sectors in Meta use them to perform 24/7 client service as well as other financial duties. Client help may be provided instantly thanks to hyperatuomation technologies that link to the bank’s backend systems.

7. Low code

Low code platforms (LCPs) enable developers and users to create programs using graphical UI and settings rather than standard computer coding. While still in their infancy, the platforms have the potential to eliminate the requirement for limited and costly software skills.

Businesses frequently use NCDPs to speed the building of cloud-based apps while maintaining the company’s strategic alignment. Compliance, for example, may be kept up and enhanced by automating audit trails and document production on low-code systems. This is extremely beneficial for financiers and fintech startups that need to adapt swiftly to market movements.


Google Cloud has invested in and bought Unqork, a no-code software platform, as well as AppSheet, one of the major competitors in the low-code and no-code marketplace. Both services enable regular workers to create apps without the need for professional coding knowledge. According to Alex Schmelkin, Chief Marketing Officer of Unqork, tasks that formerly took a decade for financial businesses to perform may now be completed in a matter of months after adopting “no-code.” Unqork now employs over 100 programmers, with a primary focus on financial services.

8. Cyber Security Enhancements

As hackers uncover new security holes in networks, professionals must come up with even more inventive solutions to protect critical data. Even with the finest data security safeguards in place, hackers are always finding new methods to get access to critical information.

Notable cybersecurity improvements in the financial sector include multi-cloud data storage, SASE, and decentralization.

As cyber dangers increase, so do threat protection measures, particularly with the advent of online transactions and digital operations. Furthermore, fraud management, KYC, AMT, and passwordless authentication are just a handful of the numerous issues that fintech companies face.


RapidID, an Australian firm, provides an electronic identity verification solution to ensure that digital customers are who they claim to be. It assists banks in safeguarding transactions and mitigating money laundering and terrorist financing. Furthermore, mobile phone systems process biometrics and identity papers to authenticate identities, which speeds up the process. The business also employs face recognition technology to verify that only authorized staff carry out transactions. As a result, the solution provided by RapidID decreases human error and eliminates the possibility of security breaches.

9. Gamification

Gamification is expanding rapidly across fintech, involving insurance, banking, stocks, and consumer banking. Some organizations are even investigating the prospect of investing in gamification and combining gamification with blockchain technology.

Financial organizations are gamifying their services and products. Gamification is one of the best fintech innovations. It is a design-based approach that uses game elements like personal scorecards or awards to engage users in performing certain activities. These games enable clients to track their spending patterns through events or progress bars, while also offering positive feedback for making wise financial decisions.


Acorns is a mobile investing program that rounds up purchases made with a connected debit or credit card and invests the shortfall in exchange-traded funds. Since its inception in 2012, the firm has attracted over 8.2 million customers who have invested $2 billion on its platform.

Another financial gamification business, Flourish Savings, offers customers incentives that may be paid out later. According to Apis Partners’ research, “Gamification is about client centricity: it helps consumers achieve their goals in an emotionally engaging way.”

10. RegTech

Among the other top fintech innovations is RegtTech—the use of technology to monitor compliance requirements. Regulatory digital solutions use technologies that can manage massive datasets or unstructured data to enable information monitoring and reporting. These technologies are also intended to assist financial firms in complying with changing rules in various countries worldwide.

As political regimes shift and governments increasingly strive to support higher cybersecurity rules, the emergence of regtech may provide assistance to safeguard fintech security. These solutions are developed to manage large data transfers in order to comply with rules.


Drata is a tool for monitoring firm security and automating data compliance for SOC 2 and other requirements. Users may identify security threats, manage suppliers and staff training, and maintain track of security policies. Drata has been utilized in a variety of areas, including banking, healthcare, software, and others.

Let’s Wind Up!

According to the article, there is no difference between fintech and financial innovation; many fintech breakthroughs are foundational innovations that have significant potential to revolutionize financial services. Traditional financial institutions will have to marshal their vast resources in the future to keep ahead of the looming tsunami of financial sector upheaval.

Fintech is a continuously changing business, with new trends emerging every year. Discovering these 10 top innovations in fintech industry may provide you with fresh insights and assist you in staying ahead of your rivals by making informed business decisions for your organization’s future growth.

Is your firm involved in the financial sector?

If so, please contact us to see how DashDevs team can assist you in reaping the benefits of these fintech business strategies and making them work for your company!

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